Convene is opening its largest co-working space yet

530 Fifth Ave co-working space to open next year

TRD New York /
Sep.September 12, 2018 01:15 PM

Convene CEO Ryan Simonetti and 530 Fifth Avenue (Credit: Convene and RXR Realty)

UPDATED, Sep. 12, 2:55 p.m.: Convene, the startup backed by Brookfield and the Durst Organization, signed a 116,000-square-foot lease at RXR Realty’s 530 Fifth Avenue, where it plans to operate flexible office space for companies with 10 to 100 employees.

The 530 Fifth Avenue location is set to open by mid 2019. According to Bloomberg, Convene’s flexible office offering, dubbed WorkPlace, will occupy 80 percent of its space in the RXR Realty-owned building.

Convene manages common space and amenities in office buildings, but has also branched out into co-working. The company’s first flexible-office location opened at Cove Property Group’s 101 Greenwich Street in February, Bloomberg reported, and the second is set to open at Brookfield Property Partners’ One Liberty Plaza later this year.

Like Knotel, Convene doesn’t do coworking in the strictest sense of leasing desks to freelancers. Instead, it focuses on small and mid-sized companies. WeWork recently launched its own initiative to appeal to more mid-sized tenants.

In July Convene raised $152 million in venture funding, reportedly valuing the company at more than $500 million. RXR was one of the investors. [Bloomberg] — Konrad Putzier 

Correction: an earlier version of this post included a wrong name for WorkPlace and falsely claimed it would occupy 80 percent of the building.


Related Articles

arrow_forward_ios
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
Steve Cohen and Citi Field (Getty)

Citi Field lease clause could stymie billionaire’s quest for the Mets

Citi Field lease clause could stymie billionaire’s quest for the Mets
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Paul Manafort and Manhattan district attorney Cyrus Vance, Jr. (Getty)

Manafort mortgage-fraud case dismissed, again

Manafort mortgage-fraud case dismissed, again
Howard Hughes’ Saul Scherl and a rendering of 250 Water Street (Getty, The Howard Hughes Corporation/SOM)

Howard Hughes to launch review process for $1.4B Seaport tower

Howard Hughes to launch review process for $1.4B Seaport tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...